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Barclays Capital lands top diplomat for key role Monk Dunstone in MBO 'marking big step forward'.

Barclays Capital, the investment banking arm of Barclays, yesterday named a former British ambassador as its new vice chairman.

Sir David Wright, who has close West Midlands connections and was educated at Wolverhampton Grammar School, is replacing Sir Leonard Appleyard, who is retiring after nearly five years at the firm.

Sir David most recently headed Government body British Trade International in the UK and the bulk of his career has been spent in the diplomatic service.

He was appointed British ambassador to Korea in 1990, a role he held for four years before taking up the same position in Japan between 1996 and 1999.

Robert Morrice, Asia Pacific chairman and chief executive at Barclays Capital, said he was 'delighted' Sir David had accepted the role. 'He brings a wealth of international business experience to the bank,' he added.

'In particular he will be a tremendous asset to us as we continue to build our Asia Pacific presence.'

Sir David will take up the role from January 1. Based in London, he will report to Mr Morrice and Grant Kvalheim, global head of investment banking and credit products.

Property and construction consultancy Monk Dunstone Associates has been bought by its management from parent company MDA Group.

Through a deal with the company's bankers, and putting up personal assurances, Charles Johnston, chairman of MDA, and Grant Tromans, an MDA board director, have led the acquisition.

The management and staff will now own 100 per cent of the company, based in Croydon.

The purchase includes UK regional offices. The seven-strong Birmingham office, based at Saint Pauls Square, specialises in social housing and the commercial sector.

The company, which has 160 staff, will retain the name Monk Dunstone Associates with a new holding company being formed.

Charles Johnston, chairman at MDA, said: 'The management buy-out marks an unprecedented step forward for the company. It allows us to build on the strengths of the trading arm.

'The MBO will also allow both the management and the staff to expand and concentrate on the trading company, which continues to be profitable in the cost consultancy market, one that is both dynamic and competitive.

'We now intend to focus our attention on developing our services and investing in unique and high-value products such as cost modelling software.'
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Aug 28, 2002
Words:380
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